Employment equity compliance is a legal requirement for federally regulated employers. It is also a business necessity for provincially regulated businesses that wish to become federal contractors under the Federal Contractors Program (FCP).
As an FCP employer, if your company is found in non-compliance, you forfeit its right to bid on high value government contracts. As a LEEP employer you can be fined. Employment equity does have significant bottom line impact.
To be competitive, FCP and LEEP employers must attract, retain and engage the diversity of talent in the labour force. The underutilization of women, Aboriginal (Indigenous) peoples, persons with disabilities and racialized persons (visible minorities) in a company’s workforce suggests that the employer is limiting its access to all of the best talent in the marketplace the company needs to be successful. Through diversity organizations actively access the best talent in the marketplace and through Inclusion they actively strengthen employee engagement.
A strategically positioned and well-designed employment equity program helps companies attract and retain scarce talent in an increasingly competitive marketplace and leverage diversity to improve business performance.